Damac awards $285m construction contract

Dubai, September 7, 2013

Dubai-based Damac Properties has awarded a Dh1.05 billion ($285 million) contract, its largest single ever, to TAV Tepe Akfen Investment (construction & operations) for development of its new luxury hotel and serviced residences project in the Burj Area of Dubai.

The ‘Damac Towers by Paramount’ project being developed in collaboration with Paramount Hotel & Resorts, offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.

According to Damac, the construction work will be completed by TAV in the next 33 months.

The enabling work has already been completed on site and now the main contractor has to start the construction work, the Dubai developer said in a statement.

The four towers which make up ‘Damac Towers by Paramount’ are brought together with a multi-level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands.

One tower comprises the Paramount Hotel with the remaining three towers, housing the Damac Maison – Paramount co-branded serviced Hotel Residences. Each tower stretches over 250 metres into the air, the statement added.

Commenting on the win, Yusuf Akcayoglu, the Middle East director, TAV Construction, said:"We are absolutely delighted to be selected by Damac to build this project in Dubai. With the level of quality of our work as well as our expertise in building towers, TAV Construction is the right fit for realizing such a demanding project."

"This project will redefine luxury and with its distinguished architecture will mark the stunning skyline of Dubai," he stated.

‘Damac Towers by Paramount’, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall.-TradeArabia News Service